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Hey Monty, I'll take what's behind curtain # 6. If any part of the buyout involved unrealized receivables or inventory, the partnership is required to file form 8308. Also, if this is more than a 50% change in ownership, you have a technical termination.

Dry out the paper or anything else sensitive to moisture by making your own dessicant. The video shows making your own with a specific type of cat litter, or purchase loose silica gel beads at a local craft store, used for drying flowers. If the silica beads have "indicator beads", those should be blue, and they turn pink after absorbing the moisture from the air. Those potentially can be dried out again in a slow oven or microwave.

Are you an attorney? If not, you shouldn't be creating the entity or transferring titles, but maybe that is not what you meant. For #1 - IF this is a single-member LLC then it is a disregarded entity (the default) for tax purposes and will continue to be reported on the 1040 seamlessly as before unless an election to be taxed as an S corp is made. For #2 - it would be helpful to know the jurisdiction so that other members in your locale might chime in. Is this in CA? Fwiw, in my county, entities other than individuals such as LLCs, family partnerships, and grantor trusts do record deeds in the entity's name, and these entities are not allowed the tax breaks in property and school taxes that are available for individual owners to apply for.

I think it is the humidity from all of the rain we've had. It will absorb the moisture from the air and is then affected by the heat of the printer's fuser. I could feel that my paper was different a month ago when I refilled the printer's tray. It felt cool and I swore it also felt damp too.

This is the way I understand how to report a merger that includes both stock and cash - Calculate the overall gain by comparing what was received (FMV of new shares plus cash) to cost basis of shares given up The amount of gain to report is the lesser of the total gain or the amount of cash received Basis in the new shares received is the basis in old shares, increased by the gain reported, decreased by the amount of cash received. This is done in total at first, but then must be broken down by lot and by short- and long-term. The following article should be helpful as it has detailed examples of three scenarios: one where overall gain is more than total cash received, second one where overall gain is less than total cash received, and the third where no gain is reported. It also has detailed illustrations of splitting this into short- and long-term by the length of time each lot was held. https://www.schwab.com/public/file/P-8936138/spt010960.pdf Each of the named groups (CH2M, CH2M PDSPP, and CH2M PDSPP stock D) should each be treated separately since they have different designations, and some were purchased through a payroll deduction plan. I hope some of that and the linked article helps.

In other words, that P&L wasn't generated from a balanced set of books where the numbers all tie in. If this statement was generated from a set of books using double entry bookkeeping, where was the credit side of the entry posted that allowed this line item to appear on the P&L? What else is fabricated or incorrect?

Please see the section "Do I need to file" in the instructions of CA form 540 for nonresidents. In step #2 in that section, basically it says to use federal adjusted income as calculated using the rules/laws for California and compare that amount to the filing threshold for the appropriate filing status in the chart provided. With your client being a high earner and AGI of $600K, he will absolutely have to file a CA return.

@WITAXLADY I merged your latest post on this same topic, now shown directly above

... and the payroll tax expense deduction must be reduced by the amount from line 4 of the form 8846, which is the employer's share of fica and medicare taxes on the tips used to claim the tip credit.

No, the 966 is used only for c- or s- corporation liquidations and dissolutions. If this is an LLC being taxed as a partnership, there will be paperwork to file with the state to formally close or end the entity.

Paying down debt in itself doesn't create a deduction. If it is a mortgage on the rental, then the interest portion would be reported on Sch E, otherwise any expense would have been when the charge was incurred, and may or may not have created a deductible expense on the Sch E or the 1041 itself. Follow the same rules you would for a 1040 Sch E to determine if and when an expense is appropriately classified as a rental or other administrative-type expense.

If the property was owned by the decedent and transferred in to the estate, the basis in the estate is its stepped up/down basis. Once the property is in the estate, the basis of any additional improvements would be capitalized cost. Once in the estate, depreciation should have started over using appropriate methods and lives in effect at DOD. On the estate records, I would just take it out of service on the date it is transferred to the LLC. Make sure the depreciation is calculated correctly through this date. This is not a short period year due to disposition. It is a full year of depreciation that is allocated and split between the estate and LLC for the portion of calendar year each entity held the assets. Each component and the land would be transferred out, and the LLC uses the same basis as the estate: see above - stepped up/down, or cost if added by the estate after death. The LLC's depreciation schedule is a continuation of that from the estate and will transfer in the depreciable basis and accumulated depreciation at the date of transfer.

Be careful with this one because there are different options that the existing shareholders could elect. In the SEC filing on 8/1/17, please see Article 2 - "Conversion of Securities in the Merger" that contains details of these transactions, the options available to shareholders, fractional shares and more. Same info is found in this document that Catherine found, please see page 3 at "Part II, 14" : https://s1.q4cdn.com/838591571/files/doc_downloads/governance/2018/US-Tax-Information-On-CH2M-Acquisition-Form-8937.pdf More info for investors is here from the company website post-merger, updated in Feb 2018 with additional info in Q & A format. Section 5 - Tax Reporting starts on page 8 that should help you most, including where to find stock FMV price and the link to computershare for cost basis info: http://s1.q4cdn.com/838591571/files/doc_downloads/CH2M/FAQ/ch2m-jacobs-post-closing-frequently-asked-questions-020818.pdf

SEP-IRA withdrawals and distributions follow the same rules as traditional IRAs. There are no restrictions on taking the funds. As soon as the funds are contributed into the account for the employee, the employee is immediately fully vested at 100%. There are the same limits on # of rollovers during the year.

cbslee's first post about basis issues and gain or loss calculation is correct. As far as the investment interest expense, it must still be carried forward and is subject to the usual limitation. In other words, it will be allowed when the taxpayer has sufficient investment income to allow it. A gift of property is not considered a disposition since it does not result in a taxable transaction.

Eric updated the TOU for us to include the statement in red that has always been our policy. Every new member sees this as part of the registration process. Thank you, Eric.

We don't answer questions from the general public here. This site is for tax professionals only. Updated TOU here:

The max under the percentage of income method won't exceed the yearly bronze level premium though. Drake program applies this limitation on the worksheet 8965I it produces.

Yes, definitely try that.

I, too, think this is the problem. I was getting a similar error check message from Drake's program on an individual return where I'd entered a payment withdrawal date a few days after the filing date so there was no actual reject, but the issue sounds the same and the program would not allow the e-flie creation. The only date acceptable was the same date as e-file submission.

Please note that to keep this topic on point, i moved posts by SaraEA and JohnH to a new topic of its own that deals with the new sec 199A QBI deduction and W-2 income.

See my answers above. Convert to U.S. dollars and enter all of it the same as you would gross social security benefits. It goes on line 20a.

@Linda Mathey Linda, the OAS and the CPP are the equivalent of social security and as I said before, it is reported on line 20a that will use the same formula for calculating the taxable portion of benefits. If these are in canadian currency, please convert it to U.S. dollars and enter it on line 20. Please see pub 915 where it instructs that the OAS benefits received should be entered on worksheet 1 which is the worksheet to use for line 20 of the 1040. And this also on the OAS:

The phrase in the original article of those that will receive this offer was poorly worded, and I think Abby is correct on this, that it won't be offered to most small businesses. This was within one of the linked articles: